Business

'Zim economy to improve in 2018' 9 January 2018 HARARE - Zimbabwe's economy is expected to perform better in 2018 compared to last year due to a stable political environment, financial analysts have said. The country's economy was estimated to have grown by 3,4 percent in 2017 on the back of a improved agriculture season and gains in the mi...
Econet ventures into solar energy 9 January 2018 HARARE - Econet Wireless Zimbabwe (Econet) is set to become one of the first companies in Zimbabwe to set up a photovoltaic power plant at its premises in Willowvale for own consumption. This comes as the country has been experiencing power outages in the past decade due to low electricity pro...
Mugabe's ex-pilot fights IDBZ 5 January 2018 HARARE - Deposed president Robert Mugabe's ex-helicopter pilot is asking President Emmerson Mnangagwa to help him reclaim his family home seized by the Infrastructure Development Bank of Zimbabwe (IDBZ) over a ZW$6,2 million aircraft deal that collapsed in 1997. The retired presidential wing c...
Kangai asks Mnangagwa to probe Mandiwanzira 4 January 2018 HARARE - Former NetOne chief executive officer Reward Kangai has asked President Emmerson Mnangagwa to hold a wide-ranging judicial inquiry into the alleged criminal abuse of office and untested corruption allegations he has levelled against Supa Mandiwanzira, the Information Communication Techno...
CABS, ZymPay in Diaspora mortgage deal 29 December 2017 HARARE - Cross border bill payment business ZymPay has entered in a strategic partnership with Central Africa Building Society (CABS) in Zimbabwe to facilitate payments from their Diaspora mortgage customers. This service is for CABS mortgage customers in the United Kingdom, Europe and Switzer...
Foreign currency rates fall 22 December 2017 HARARE – Zimbabwe's foreign currency rates on the parallel market significantly declined yesterday from 70 percent to around 30 percent following an influx of returning Diaspora and rising confidence in the new government. [Adz] This means people were by end of day yesterday buying US$1 for...
Time Bank to re-open 22 December 2017 HARARE – Time Bank of Zimbabwe Limited (Time Bank) has been given a licence to resume operations by the Reserve Bank of Zimbabwe (RBZ). RBZ yesterday said the bank, which was closed in 2006 for alleged mismanagement of funds and has been engaged in discussion with the central bank, would soon ...
RBZ warns against virtual currency 22 December 2017 HARARE - The Reserve Bank of Zimbabwe (RBZ) has warned people against investing and using cryptocurrencies, which it said are risky and unregulated. This comes as the majority of Zimbabweans are heavily investing in Bitcoin — a type of cryptocurrency — whose prices reached $30 000 early this m...
'Zim laws flexible' 21 December 2017 HARARE - Deputy Finance minister Terrence Mukupe says the country’s economic policies and regulations are not cast in stone and can be changed to suit investor expectations. The seasoned banker said the recent pronouncements on the indigenisation policy were enough evidence that Zimbabwe is ...
Art profit up 42pc 21 December 2017 HARARE - Listed diversified group ART Corporation (ART) profit after tax in the year to September 2017 went up by 42 percent to $2,9 million from $1,7 million in the same period last year, largely driven by improved business across its business units. The group’s chairperson Thomas Wushe on Tu...
'120 000 workers go unpaid' . . . as farm workers earn $75 21 December 2017 HARARE - Progressive Agriculture and Allied industries Workers Union of Zimbabwe (PAAWUZ) has blasted a collective bargaining agreement for the agricultural industry that was recently gazetted for the tea and coffee sub-sector. This comes as Zimbabwe Congress of Trade Union (ZCTU) produced a r...
Zim business confidence down 20 December 2017 HARARE - Business confidence in Zimbabwe was at an all-time low in the third quarter as a result of political uncertainty, poor economic performance, policy confusion and a general lack of leadership, a Confederation of Zimbabwe Industries latest survey shows. The composite business confidence...
Top lawyer emerges as Telecel shareholder 19 December 2017 HARARE - Top lawyer Gerald Mlotshwa has emerged as the sole and beneficial owner of Empowerment Corporation (EC)'s 40 percent stake in Telecel Zimbabwe (Telecel) after his partner George has reportedly opted out. The development not only comes as James Makamba's return was expected to help res...
India targets Zim agric, SMEs sectors 19 December 2017 HARARE – Indian ambassador to Zimbabwe Rungsung Masakui said his country is ready to invest in the country’s agriculture and small to medium enterprises (SMEs) sector. “Though India is a food self-sufficient country, we do import huge amount of agriculture products such as lentils, and oil see...
CBZ donates to ZimParks 16 December 2017 HARARE - CBZ Holdings has mobilised resources aimed at empowering the Zimbabwe Parks and Wild Life Management Authority (ZimParks) to promote sustainable wildlife management. The financial institution’s acting chief executive Peter Zimunya said the $2 500 donation will enable ZimParks to condu...
Potraz intensifies consumer protection 16 December 2017 HARARE - The Postal and Regulatory Authority of Zimbabwe (Potraz) has intensified its efforts to fight against the abuse of customer’s rights and privileges by telecommunication companies. Potraz deputy director-general Alfred Marisa said consumers of telecommunications services deserve to get...
Zambian firm eyes Zim, Sadc markets 16 December 2017 HARARE – Zambian firm, United Chemolide,  which specialises in the installation of booster pumps, design of water management systems as well as water rehabilitation and reticulation schemes, is gearing itself for the Zimbabwean and Sadc markets. In an interview with the businessdaily early thi...
Cash-crisis hampers AfrAsia liquidation 16 December 2017 HARARE - Afrasia Bank Zimbabwe (AfrAsia) judicial manager Regie Saruchera says the current liquidity crisis in the market is affecting liquidation of the  defunct financial institution. “In reference to our last update which anticipated a dividend payout during the second half of 2017, we woul...
SeedCo Zim targets 275pc maize growth 15 December 2017 HARARE – Zimbabwe’s largest seed producer, SeedCo, says it is targeting to increase maize production in the smallholder sector by 275 percent from the current 0,8 tonnes to 3,0 tonnes. SeedCo Zimbabwe managing director Denias Zaranyika said increasing agricultural productivity remains a centra...
Afreximbank to construct multi-million dollar complex 14 December 2017 HARARE - The African Export-Import Bank (Afreximbank) said it is seeking to engage a consulting firm to carry out a feasibility study on the construction of a multi-million dollar complex in Zimbabwe's capital city. Afreximbank will build a permanent regional office for southern Africa in Hara...
Naqa opening business opportunities for organisations 14 December 2017 HARARE – Industry minister Mike Bimha has said the application of standards leads to the production of internationally-accepted goods and services as well as remove barriers to trade. Addressing guests at the 2017 National Annual Quality Awards (Naqa) hosted by the Standards Association of Zim...
Potraz holds first ever AGM 14 December 2017 HARARE – The Postal and Regulatory Authority of Zimbabwe (Potraz) yesterday made history by holding its first ever annual general meeting since 2001 when it was established. Potraz chairperson Ozias Bvute said the regulator should be ready to embrace new trends in the telecommunications indust...
'Budget targets unrealistic' 14 December 2017 HARARE - Finance minister Patrick Chinamasa’s budget speech sets a good precedence in terms of policy thrust of reform and economic resuscitation with clear government austerities, international community engagement and clarity on the contentious Indigenisation and Economic Empowerment Act, but t...
Union fights for farm workers' plight 13 December 2017 HARARE - The plight of farm workers continues to deteriorate as farm owners are failing to pay wages on time with some going for months without paying salaries. The Daily News Assistant  Editor Maxwell Sibanda caught up with secretary-general of Progressive Agriculture and Allied industries Wo...
Duly's expects increase in truck sales 13 December 2017 HARARE - Duly Motors (Duly’s) says it expects  to post an increase in truck sales growth this year due to growing local demand for imported commercial vehicles. The company’s spokesperson Hope Kemadjou said the group’s commercial trucks unit — Duly Trucks — was also anticipating increased sale...